The value of a business goes well beyond its balance sheet and physical assets. Value for businesses in all fields, big and small, is often tied up in intellectual property. While intangible, a thorough IP strategy aids all businesses, such as by building a unique brand that creates further business; obtaining licensing income; or stopping competitors from intruding on market share and undercutting prices.
Neglecting to consider and utilise IP as part of your business model is the same as neglecting to acquire the necessary buildings and content insurance for your business premises. Fire escapes and sprinklers are installed to protect physical assets, not just for legal reasons, but because it’s part of the responsibility of directors to their staff and shareholders. However, unfortunately IP is often overlooked by companies, particularly start-ups, usually due to a lack of awareness of the general importance of IP, the rights available and how and when to obtain them.